Common use of FOREIGN EXCHANGE CONTROL Clause in Contracts

FOREIGN EXCHANGE CONTROL. Clause 43 The Joint Venture Company has to open bank accounts for RMB and foreign currencies with Bank of China or any other banks which have been approved by the State Exchange Administration Bureau to transact foreign currencies. The Board of Directors of the Joint Venture Company has to decide on the cheques issuing system. If necessary, the Joint Venture Company can also open a foreign exchange account overseas after obtaining approval from the Board of Directors and permission from the State Exchange Administration Bureau. Clause 44 All the foreign exchange received by the Joint Venture Company has to be deposited in the foreign exchange account and those payments in foreign exchange shall also be paid from this account.